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(518) 802-0004

Retirement Income Planning is the broad range of strategies, solutions, and approaches that all work to provide you financial independence in retirement. With longer life expectancies, inflation, taxes, and market volatility, planning for retirement has become more challenging than in previous generations. Plus every individual has their own set of challenges and goals. This is why consulting with trusted financial professionals can be beneficial.

The process typically starts with a conversation about your retirement needs and goals. What does your ideal retirement lifestyle look like? What challenges might you face once you stop working? The process continues with assessing your current assets and opportunities. Then, based on this information, we determine your readiness-to-retire.

Should there be deficiencies, we will explore strategies to help you accumulate a source of income. This may include cash value life insurance, annuities, and asset positioning strategies. You’ll certainly want to consider any employer-sponsored retirement plans, such as 401(k)s or IRAs, especially if your employer offers matching contributions.

The accumulation phase typically coincides with your peak earning years. Here, you may want to set aside money for retirement, contribute to employer-sponsored accounts, and explore solutions that help maximize your accumulation.

Typically the preservation phase begins a few years before retirement. Here, you should evaluate your risk tolerate, the performance of retirement plans, and your changing financial needs. You should also be aware of any tax liabilities will face upon distributions. It may be possible to reposition assets for more favorable tax treatments or find products that offer tax-deferral benefits.

During the distribution phase, you begin to rely on your retirement assets for income. Here, you may have completely transitioned into retirement or elect to work part-time. Keeping a watchful eye on your resources is crucial to ensuring you have enough money to last you through retirement. Although you are now in retirement, regular financial review will help you maintain your ideal retirement lifestyle.

No matter what phase of retirement income planning you are in, E &O Financial, LLC can help you.

Would you like to learn more about Retirement Income Planning?